QLT says second-quarter revenues down 19.8% at $47.8 million, announces tender offer

By Lisa Kerner

Charlotte, N.C., July 27 - QLT Inc. said revenues for the second quarter ended June 30 were $47.8 million, down 19.8% from the $59.6 million during the same period last year.

Net income for the quarter fell to $7.48 million, or a diluted $0.08 per share, from $16.83 million, or a diluted $0.17 per share, in the year-ago period.

Meanwhile, operating income dropped to $9.4 million for the quarter from $24.2 million in second-quarter 2005.

Worldwide Visudyne second quarter sales decreased 26.1% to $95.3 million.

Revenue from Visudyne was $34.9 million in the second quarter, down 28.5% from the second quarter last year.

QLT said its share of profit from Visudyne sales was 28.9% in the second quarter, down from 30.8% in the same period last year.

Eligard worldwide sales for the second quarter were up 35.9% at $32.8 million for the second quarter of 2005.

During the second quarter, QLT's cash and short-term investments increased from $435 million to $450 million.

Management is projecting GAAP earnings per share for 2006 to range from $0.30 to $0.39 and non-GAAP earnings per share to range from $0.33 to $0.42.

Guidance includes Eligard sales in the range of $100 million to $115 million, and narrowed annual Visudyne sales guidance from $370 million to $400 million to a new expected range of $370 million to $385 million.

QLT also announced that its board of directors has authorized the purchase of up to 13 million common shares in a modified Dutch auction tender offer that in full represents about 15% of the currently outstanding shares for a maximum purchase price of about $104 million.

Shareholders will have the option to tender all or a portion of their shares at a price that is not less than $7.00 and not more than $8.00 from Aug. 3 to Sept. 8.

Merrill Lynch & Co. and BMO Capital Markets will serve as dealer managers for the tender offer, according the news release.

Vancouver, B.C.-based QLT is a global biopharmaceutical company specializing in developing treatments for eye diseases as well as dermatological and urological conditions.

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